Author Question: Since the definition of economic growth does not take into account the growth of the country's ... (Read 74 times)

K@ · **on:** Jun 30, 2018

Since the definition of economic growth does not take into account the growth of the country's population, the income of the average person in a country with high real GDP growth could be declining through time.
a. True
b. False
Indicate whether the statement is true or false

Question 2

Arrange the following goods from least to most elastic, explaining your ordering: gasoline, Shell gasoline, and Shell gasoline at a particular gas station.

FergA · **Reply #1 on:** Jun 30, 2018

Answer to Question 1

True

Answer to Question 2

Gasoline is least elastic, since there are few substitutes for it available to power automobiles. Shell gas at a particular station is most elastic, since one can substitute other Shell stations or other brands of gas.